We’ve all felt the pain of that late January credit card statement. Sure, Amazon’s suggestion to buy hundreds of dollars worth of Elmo-related products on December 21st (to qualify for free shipping!) seemed like a great idea, but come Christmas morning, your niece is terrified of that pair of roaring Elmo Tickle Hands you bought her, and is more content to play with leftover wrapping paper. Now you have to settle your credit card debt for sending your three-year-old niece into therapy. Maybe you need to revamp your present-purchasing strategy.
Here’s a solution for you to make sure you don’t spend more than your budget allows (and still makes your loved ones feel some capitalistic– I mean, Christmas cheer): The Christmas Club.
Thanks to a dear friend of the site, I was fortunate enough to have the opportunity to interview nationally renowned (and highly attractive) personal finance expert Sanyika Calloway Boyce on behalf of the Frugal B audience. We discussed “Christmas Club Savings Accounts,” currently being offered for the 2010 Holiday Season by retailers such as Sears and Kmart, and what they are all about:
Bottom Line: Besides the $5 fee to open an account, you get a 3% return on your investment over a 3 month period, which essentially works out to a 12% APR (i.e., that’s pretty damn good). And it’s not like you won’t be able to find something at Kmart or Sears that you’d be buying elsewhere anyway (oh, Elmo Tickle Hands, release me from your grip of shame!). Do what you will, but this Frugal B is gonna give it a go.
Sanyika Calloway Boyce who is known as “The Financial Fitness Coach” has delivered over 200
television and radio interviews reaching more than 25.4 million consumers. Her personal story of turning
her financial mess into a powerful message is featured in the Best Selling Chicken Soup for the Soul book
series. As an entrepreneur and the founder/CEO of Financial Fitness Institute, LLC Sanyika resonates
with diverse audiences, especially consumers that are tired of being belittled, talked down to, and made
to feel ashamed about past money mistakes. Her newest book, Give Yourself Credit: How to Develop
the Courage, Confidence and Commitment YOU Need to Move Forward After a Financial Fall has been
highlighted on national TV shows such as: The Today Show (NBC), Wedlock or Deadlock (FOX), and Fox
Business (FOX) as well as several local, regional, and national morning talk shows and news programs.
Matt Northrop, just barely still in his 20s, has been advising friends, family, and colleagues on personal finance for years and finally had the balls to publish content about it. He has loved living in NYC for more than 5 years, and sincerely desires to help everyone get hooked up. 
